15 U.S. Code § 1649 - Certain limitations on liability

For any closed end consumer credit transaction that is secured by real property or a dwelling, that is subject to this subchapter, and that is consummated before September 30, 1995, a creditor or any assignee of a creditor shall have no civil, administrative, or criminal liability under this subchapter for, and a consumer shall have no extended rescission rights under section
1635(f) of this title with respect to—

(C)fees and amounts referred to in the 3rd sentence of section
1605(a) of this title; or

(D)borrower-paid mortgage broker fees referred to in section
1605(a)(6) of this title;

(2)the form of written notice used by the creditor to inform the obligor of the rights of the obligor under section
1635 of this title if the creditor provided the obligor with a properly dated form of written notice published and adopted by the Bureau or a comparable written notice, and otherwise complied with all the requirements of this section regarding notice; or

(3)any disclosure relating to the finance charge imposed with respect to the transaction if the amount or percentage actually disclosed—

(A)may be treated as accurate for purposes of this subchapter if the amount disclosed as the finance charge does not vary from the actual finance charge by more than $200;

(B)may, under section
1605(f)(2) of this title, be treated as accurate for purposes of section
1635 of this title; or

(C)is greater than the amount or percentage required to be disclosed under this subchapter.

(b) Exceptions

Subsection (a) of this section shall not apply to—

(1)any individual action or counterclaim brought under this subchapter which was filed before June 1, 1995;

(2)any class action brought under this subchapter for which a final order certifying a class was entered before January 1, 1995;

(3)the named individual plaintiffs in any class action brought under this subchapter which was filed before June 1, 1995; or

(4)any consumer credit transaction with respect to which a timely notice of rescission was sent to the creditor before June 1, 1995.

1996—Subsec. (a). Pub. L. 104–208substituted “For any closed end consumer credit transaction that is secured by real property or a dwelling, that is subject to this subchapter, and” for “For any consumer credit transaction subject to this subchapter”.

Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203effective on the designated transfer date, see section 1100H ofPub. L. 111–203, set out as a note under section
552a of Title
5, Government Organization and Employees.